Bernanke: Long-Term Unemployment Worst Since WWII

Federal Reserve Chairman Ben Bernanke said out loud what we already know: Long-term unemployment is the worst since the Great Depression. (He said since World War II, but that really means since the Great Depression.) Some 45 percent of all unemployed have had that status for at least six months.

“We are digging ourselves out of a very, very deep hole. We are still something like seven million-plus jobs below where we were before the crisis,” he told reporters.